Using Open Banking for instant cross border tuition payments
PayMyTuition is a leading provider of technology-driven payment processing solutions for education payments which is incorporating Open Banking within its innovative product suite of solutions for Canadian universities and colleges.
What's the Open Banking use case?
Powered by Open Banking, their Payment Wheel suite of payment offerings, will enable institutions to validate student banking information and account balance status in real time, allowing them to automatically accept or deny a student payment request. This solution creates a highly efficient payments process saving both the student and institution time and money with the ability of instant settlement while at the same time eliminating the impact of high interchange fees from traditional payment forms like credit cards and e-wallets.